Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-34907 | |
Entity Registrant Name | STAG Industrial, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 27-3099608 | |
Entity Address, Address Line One | One Federal Street | |
Entity Address, Address Line Two | 23rd Floor | |
Entity Address, City or Town | Boston, | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02110 | |
City Area Code | 617 | |
Local Phone Number | 574-4777 | |
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | STAG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 182,079,559 | |
Entity Central Index Key | 0001479094 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Central Index Key | 0001479094 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Rental Property: | ||
Land | $ 700,199,000 | $ 698,633,000 |
Buildings and improvements, net of accumulated depreciation of $967,141 and $921,846, respectively | 4,859,117,000 | 4,838,522,000 |
Deferred leasing intangibles, net of accumulated amortization of $383,967 and $360,094, respectively | 422,153,000 | 435,722,000 |
Total rental property, net | 5,981,469,000 | 5,972,877,000 |
Cash and cash equivalents | 12,423,000 | 20,741,000 |
Restricted cash | 667,000 | 1,127,000 |
Tenant accounts receivable | 128,797,000 | 128,274,000 |
Prepaid expenses and other assets | 84,087,000 | 80,455,000 |
Interest rate swaps | 57,532,000 | 50,418,000 |
Operating lease right-of-use assets | 29,085,000 | 29,566,000 |
Total assets | 6,294,060,000 | 6,283,458,000 |
Liabilities: | ||
Unsecured credit facility | 435,000,000 | 402,000,000 |
Unsecured term loans, net | 1,020,837,000 | 1,021,773,000 |
Unsecured notes, net | 1,195,941,000 | 1,195,872,000 |
Mortgage notes, net | 4,350,000 | 4,401,000 |
Accounts payable, accrued expenses and other liabilities | 80,489,000 | 83,152,000 |
Interest rate swaps | 47,000 | 0 |
Tenant prepaid rent and security deposits | 45,795,000 | 44,238,000 |
Dividends and distributions payable | 22,936,000 | 22,726,000 |
Deferred leasing intangibles, net of accumulated amortization of $28,709 and $26,613, respectively | 32,312,000 | 29,908,000 |
Operating lease liabilities | 33,133,000 | 33,577,000 |
Total liabilities | 2,870,840,000 | 2,837,647,000 |
Commitments and contingencies (Note 11) | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock | 0 | 0 |
Common stock, par value $0.01 per share, 300,000,000 shares authorized at March 31, 2024 and December 31, 2023, 182,074,776 and 181,690,867 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1,821,000 | 1,817,000 |
Additional paid-in capital | 4,273,183,000 | 4,272,376,000 |
Cumulative dividends in excess of earnings | (979,629,000) | (948,720,000) |
Accumulated other comprehensive income | 56,127,000 | 49,207,000 |
Total stockholders’ equity | 3,351,502,000 | 3,374,680,000 |
Noncontrolling interest | 71,718,000 | 71,131,000 |
Total equity | 3,423,220,000 | 3,445,811,000 |
Total liabilities and equity | $ 6,294,060,000 | $ 6,283,458,000 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Building and Improvements, accumulated depreciation | $ 967,141 | $ 921,846 |
Deferred leasing intangible assets, accumulated amortization | 383,967 | 360,094 |
Deferred leasing intangible liabilities, accumulated amortization | $ 28,709 | $ 26,613 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Outstanding | 182,074,776 | 181,690,867 |
Common Stock, Shares, Issued | 182,074,776 | 181,690,867 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues [Abstract] | ||
Rental income | $ 187,402 | $ 173,268 |
Other income | 141 | 285 |
Total revenue | 187,543 | 173,553 |
Expenses | ||
Property | 39,071 | 35,881 |
General and administrative | 12,952 | 12,676 |
Depreciation and amortization | 71,427 | 68,944 |
Other expenses | 563 | 2,979 |
Total expenses | 124,013 | 120,480 |
Other income (expense) | ||
Interest and other income | 11 | 19 |
Interest expense | (25,421) | (22,612) |
Debt extinguishment and modification expenses | (667) | 0 |
Gain on the sales of rental property, net | 0 | 20,128 |
Total other income (expense) | (26,077) | (2,465) |
Net income | 37,453 | 50,608 |
Less: income attributable to noncontrolling interest | 826 | 1,142 |
Net income attributable to STAG Industrial, Inc. | 36,627 | 49,466 |
Less: amount allocated to participating securities | 47 | 53 |
Net income attributable to common stockholders | $ 36,580 | $ 49,413 |
Weighted average common shares outstanding — basic | 181,708 | 179,196 |
Weighted average common shares outstanding — diluted | 181,991 | 179,297 |
Net income per share attributable to common stockholders — basic | $ 0.20 | $ 0.28 |
Net income per share attributable to common stockholders — diluted | $ 0.20 | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 37,453 | $ 50,608 |
Other comprehensive income (loss): | ||
Income (loss) on interest rate swaps | 7,076 | (16,012) |
Other comprehensive income (loss) | 7,076 | (16,012) |
Comprehensive income | 44,529 | 34,596 |
Income attributable to noncontrolling interest | (826) | (1,142) |
Other comprehensive (income) loss attributable to noncontrolling interest | (156) | 361 |
Comprehensive income attributable to STAG Industrial, Inc. | $ 43,547 | $ 33,815 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Cumulative Dividends in excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest - Unit holders in Operating Partnership |
Balance at Dec. 31, 2022 | $ 3,458,181 | $ 0 | $ 1,792 | $ 4,188,677 | $ (876,145) | $ 70,500 | $ 3,384,824 | $ 73,357 |
Balance (in shares) at Dec. 31, 2022 | 179,248,980 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Proceeds from sales of common stock, net | $ (152) | $ 0 | (152) | (152) | ||||
Proceeds from sales of common stock (in shares) | 0 | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.37 | |||||||
Dividends, Common Stock | (65,914) | |||||||
Dividends | (65,914) | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 1,816 | |||||||
Dividends and Distributions, Net | $ (64,098) | |||||||
Non-cash compensation activity, net | 2,293 | (3,831) | (3,913) | 6,206 | ||||
Non-cash compensation activity (in shares) | 80,057 | |||||||
Non-cash compensation activity (in excess of earnings) | $ 1 | (83) | ||||||
Redemption of common units to common stock | $ 1 | 828 | 829 | (829) | ||||
Redemption of common units to common stock (in shares) | 43,834 | |||||||
Rebalancing of noncontrolling interest | 3,438 | 3,438 | (3,438) | |||||
Other comprehensive income | (16,012) | (15,651) | (15,651) | (361) | ||||
Net income | 50,608 | 49,466 | 49,466 | 1,142 | ||||
Balance at Mar. 31, 2023 | 3,430,820 | 0 | $ 1,794 | 4,188,960 | (892,676) | 54,849 | 3,352,927 | 77,893 |
Balance (in shares) at Mar. 31, 2023 | 179,372,871 | |||||||
Balance at Dec. 31, 2023 | 3,445,811 | 0 | $ 1,817 | 4,272,376 | (948,720) | 49,207 | 3,374,680 | 71,131 |
Balance (in shares) at Dec. 31, 2023 | 181,690,867 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Proceeds from sales of common stock, net | $ (170) | $ 0 | (170) | (170) | ||||
Proceeds from sales of common stock (in shares) | 0 | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.37 | |||||||
Dividends, Common Stock | (67,302) | |||||||
Dividends | (67,302) | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | (1,570) | |||||||
Dividends and Distributions, Net | $ (68,872) | |||||||
Non-cash compensation activity, net | 1,922 | (2,492) | (2,725) | 4,647 | ||||
Non-cash compensation activity (in shares) | 68,927 | |||||||
Non-cash compensation activity (in excess of earnings) | $ 1 | (234) | ||||||
Redemption of common units to common stock | $ 3 | 5,850 | 5,853 | $ (5,853) | ||||
Redemption of common units to common stock (in shares) | 314,982 | 0 | ||||||
Rebalancing of noncontrolling interest | (2,381) | (2,381) | $ 2,381 | |||||
Other comprehensive income | 7,076 | 6,920 | 6,920 | 156 | ||||
Net income | 37,453 | 36,627 | 36,627 | 826 | ||||
Balance at Mar. 31, 2024 | $ 3,423,220 | $ 0 | $ 1,821 | $ 4,273,183 | $ (979,629) | $ 56,127 | $ 3,351,502 | $ 71,718 |
Balance (in shares) at Mar. 31, 2024 | 182,074,776 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 37,453 | $ 50,608 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 71,427 | 68,944 |
Non-cash portion of interest expense | 984 | 976 |
Amortization of above and below market leases, net | (303) | (129) |
Straight-line rent adjustments, net | (2,762) | (5,044) |
Gain on the sales of rental property, net | 0 | (20,128) |
Non-cash compensation expense | 2,909 | 3,092 |
Change in assets and liabilities: | ||
Tenant accounts receivable | 2,204 | 2,694 |
Prepaid expenses and other assets | (8,787) | (11,288) |
Accounts payable, accrued expenses and other liabilities | 480 | (6,599) |
Tenant prepaid rent and security deposits | 1,557 | 3,295 |
Total adjustments | 67,709 | 35,813 |
Net cash provided by operating activities | 105,162 | 86,421 |
Cash flows from investing activities: | ||
Acquisitions of land and buildings and improvements | (43,599) | 0 |
Additions of land and buildings and improvements | (24,622) | (27,685) |
Proceeds from sales of rental property, net | 0 | 36,333 |
Acquisition deposits, net | (2,324) | 1,185 |
Acquisitions of deferred leasing intangibles | (5,715) | 0 |
Net cash provided by (used in) investing activities | (76,260) | 9,833 |
Cash flows from financing activities: | ||
Proceeds from unsecured credit facility | 264,000 | 209,000 |
Repayments of Lines of Credit | (231,000) | (149,000) |
Repayments of Notes Payable | 0 | (100,000) |
Repayments of Secured Debt | (53) | (86) |
Payments of Financing Costs | (822) | 0 |
Proceeds from sales of common stock, net | (137) | (76) |
Payments of Dividends | (68,654) | (63,896) |
Repurchase and retirement of share-based compensation | (1,014) | (812) |
Net cash used in financing activities | (37,680) | (104,870) |
Decrease in cash and cash equivalents and restricted cash | (8,778) | (8,616) |
Cash and cash equivalents and restricted cash—beginning of period | 21,868 | 26,789 |
Cash and cash equivalents and restricted cash—end of period | 13,090 | 18,173 |
Supplemental disclosure: | ||
Interest Paid, Capitalized, Investing Activities | 802 | 433 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 22,165 | 18,597 |
Supplemental schedule of non-cash investing and financing activities | ||
Acquisitions of land and buildings and improvements | (671) | 0 |
Acquisitions of deferred leasing intangibles | (88) | 0 |
Additions to building and other capital improvements from involuntary conversion | (2,968) | 0 |
Investing other receivables due to involuntary conversion of building | 2,968 | 0 |
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities | 4,443 | (4,596) |
Additions to building and other capital improvements from non-cash compensation | (39) | (13) |
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities | (592) | (76) |
Dividends and distributions payable | $ 22,936 | $ 22,484 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of March 31, 2024 and December 31, 2023, the Company owned 97.9% and 97.9%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires. As of March 31, 2024, the Company owned 570 industrial buildings in 41 states with approximately 113.0 million rentable square feet. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented. Restricted Cash The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents $ 12,423 $ 20,741 Restricted cash 667 1,127 Total cash and cash equivalents and restricted cash $ 13,090 $ 21,868 Uncertain Tax Positions As of March 31, 2024 and December 31, 2023, there were no liabilities for uncertain tax positions. Concentrations of Credit Risk |
Rental Property
Rental Property | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Rental Property | Rental Property The following table summarizes the components of rental property, net as of March 31, 2024 and December 31, 2023. Rental Property (in thousands) March 31, 2024 December 31, 2023 Land $ 700,199 $ 698,633 Buildings, net of accumulated depreciation of $654,023 and $622,941, respectively 4,340,544 4,330,799 Tenant improvements, net of accumulated depreciation of $39,258 and $36,920, respectively 39,668 39,145 Building and land improvements, net of accumulated depreciation of $273,860 and $261,985, respectively 367,500 369,724 Construction in progress 111,405 98,854 Deferred leasing intangibles, net of accumulated amortization of $383,967 and $360,094, respectively 422,153 435,722 Total rental property, net $ 5,981,469 $ 5,972,877 Acquisitions The following table summarizes the Company’s acquisitions during the three months ended March 31, 2024. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Cincinnati, OH March 18, 2024 697,500 1 $ 50,073 Three months ended March 31, 2024 697,500 1 $ 50,073 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Three months ended March 31, 2024 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 1,565 N/A Buildings 40,828 N/A Tenant improvements 445 N/A Building and land improvements 1,432 N/A Deferred leasing intangibles - In-place leases 6,963 6.8 Deferred leasing intangibles - Tenant relationships 3,340 10.8 Deferred leasing intangibles - Below market leases (4,500) 6.8 Total purchase price $ 50,073 Involuntary Conversion During the three months ended March 31, 2024, the approximately $3.0 million receivable at December 31, 2023 from the insurance coverage related to the involuntary conversion event that occurred in December 2023 was reduced to zero and included as a non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 79,946 $ (37,497) $ 42,449 $ 79,946 $ (35,698) $ 44,248 Other intangible lease assets 726,174 (346,470) 379,704 715,870 (324,396) 391,474 Total deferred leasing intangible assets $ 806,120 $ (383,967) $ 422,153 $ 795,816 $ (360,094) $ 435,722 Below market leases $ 61,021 $ (28,709) $ 32,312 $ 56,521 $ (26,613) $ 29,908 Total deferred leasing intangible liabilities $ 61,021 $ (28,709) $ 32,312 $ 56,521 $ (26,613) $ 29,908 The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three months ended March 31, 2024 and 2023. Three months ended March 31, Deferred Leasing Intangibles Amortization (in thousands) 2024 2023 Net increase to rental income related to above and below market lease amortization $ 297 $ 124 Amortization expense related to other intangible lease assets $ 22,074 $ 22,445 |
Asset Acquisition | Acquisitions The following table summarizes the Company’s acquisitions during the three months ended March 31, 2024. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Cincinnati, OH March 18, 2024 697,500 1 $ 50,073 Three months ended March 31, 2024 697,500 1 $ 50,073 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of March 31, 2024 and December 31, 2023. Indebtedness (dollars in thousands) March 31, 2024 December 31, 2023 Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 435,000 $ 402,000 Term SOFR + 0.855% October 23, 2026 i Total unsecured credit facility 435,000 402,000 Unsecured term loans: Unsecured Term Loan G 300,000 300,000 1.78 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.14 % March 15, 2027 i Unsecured Term Loan H 187,500 187,500 3.33 % January 25, 2028 i Unsecured Term Loan I 187,500 187,500 3.49 % January 25, 2028 i Unsecured Term Loan F (5) 200,000 200,000 2.94 % March 23, 2029 i Total unsecured term loans 1,025,000 1,025,000 Total unamortized deferred financing fees and debt issuance costs (4,163) (3,227) Total carrying value unsecured term loans, net 1,020,837 1,021,773 Unsecured notes: Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 400,000 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Total unsecured notes 1,200,000 1,200,000 Total unamortized deferred financing fees and debt issuance costs (4,059) (4,128) Total carrying value unsecured notes, net 1,195,941 1,195,872 Mortgage notes (secured debt): United of Omaha Life Insurance Company 4,484 4,537 3.71 % October 1, 2039 ii Total mortgage notes 4,484 4,537 Net unamortized fair market value discount (134) (136) Total carrying value mortgage notes, net 4,350 4,401 Total / weighted average interest rate (6) $ 2,656,128 $ 2,624,046 3.79 % (1) Interest rate as of March 31, 2024. At March 31, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 5.32874%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%, less a sustainability-related interest rate adjustment of 0.02%. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%, less a sustainability-related interest rate adjustment of 0.02%. As of March 31, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%. (3) Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty. (4) The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.9 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly. (5) The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The aggregate undrawn nominal commitment on the unsecured credit facility as of March 31, 2024 was approximately $561.7 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $16.9 million and $14.6 million as of March 31, 2024 and December 31, 2023, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Costs Included in Interest Expense (in thousands) 2024 2023 Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts $ 984 $ 976 Facility, unused, and other fees $ 439 $ 435 Debt Activity On March 25, 2024, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions (discussed below), that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. As of March 25, 2024, the Unsecured Term Loan F had a stated annual interest rate equal to the one-month Term SOFR, which includes an adjustment of 0.10%, plus a spread of 0.85%, less a sustainability-related adjustment of 0.02%. Other than the maturity and interest rate provisions described above, the material terms remain unchanged. The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125% of the outstanding amount on the effective day of each extension period. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan F, the Company intended to exercise both extension options. In connection with the amended loan agreement, the Company incurred approximately $1.2 million in costs which are being deferred and amortized through the new maturity date, including approximately $0.5 million of accrued extension fees, which are being amortized through the extended maturity date of March 23, 2029. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. On March 13, 2024, the Company entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. The Company may issue the notes under the March 2024 NPA on or prior to May 28, 2024, and as of March 31, 2024, the notes had not been issued. Financial Covenant Considerations The Company was in compliance with all such applicable restrictions and financial and other covenants as of March 31, 2024 and December 31, 2023 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $7.4 million and $7.5 million at March 31, 2024 and December 31, 2023, respectively, and is limited to senior, property-level secured debt financing arrangements. Fair Value of Debt The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 435,000 $ 435,000 $ 402,000 $ 402,000 Unsecured term loans 1,025,000 1,025,000 1,025,000 1,025,000 Unsecured notes 1,200,000 1,069,007 1,200,000 1,074,003 Mortgage notes 4,484 3,465 4,537 3,535 Total principal amount 2,664,484 $ 2,532,472 2,631,537 $ 2,504,538 Net unamortized fair market value discount (134) (136) Total unamortized deferred financing fees and debt issuance costs (8,222) (7,355) Total carrying value $ 2,656,128 $ 2,624,046 The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure. During the three months ended March 31, 2024, the Company entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98% effective January 15, 2025 and mature on March 25, 2027, and were designated as cash flow hedges. As of March 31, 2024, the Company had 21 interest rate swaps, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of March 31, 2024 and December 31, 2023. Balance Sheet Line Item (in thousands) Notional Amount March 31, 2024 Fair Value March 31, 2024 Notional Amount December 31, 2023 Fair Value December 31, 2023 Interest rate swaps-gross asset $ 1,025,000 $ 57,532 $ 1,200,000 $ 50,418 Interest rate swaps-gross liability $ 200,000 $ (47) $ — $ — Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $31.5 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months. The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three months ended March 31, 2024 and 2023. Three months ended March 31, Effect of Cash Flow Hedge Accounting (in thousands) 2024 2023 Income (loss) recognized in accumulated other comprehensive income on interest rate swaps $ 16,405 $ (8,542) Income reclassified from accumulated other comprehensive income into income as interest expense $ 9,329 $ 7,470 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 25,421 $ 22,612 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of March 31, 2024, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value. Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of March 31, 2024 and December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. There were no financial instruments in a liability position at December 31, 2023. Fair Value Measurements as of March 31, 2024 Using Balance Sheet Line Item (in thousands) Fair Value March 31, 2024 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 57,532 $ — $ 57,532 $ — Interest rate swaps-gross liability $ (47) $ — $ (47) $ — Fair Value Measurements as of December 31, 2023 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2023 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 50,418 $ — $ 50,418 $ — |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity Preferred Stock The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding. Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share. The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of March 31, 2024. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of March 31, 2024 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 615,613 On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. Subsequent to March 31, 2024, on April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. Restricted Stock-Based Compensation The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2024 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2025, subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the three months ended March 31, 2024. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2023 144,032 $ 35.73 Granted 41,911 $ 38.92 Vested (1) (59,232) $ 34.51 Forfeited (192) $ 38.03 Balance at March 31, 2024 126,519 $ 37.35 (1) The Company repurchased and retired 21,151 restricted shares of common stock that vested during the three months ended March 31, 2024. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at March 31, 2024 was approximately $4.0 million and is expected to be recognized over a weighted average period of approximately 2.6 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2024 and 2023. Three months ended March 31, Vested Restricted Shares of Common Stock 2024 2023 Vested restricted shares of common stock 59,232 68,625 Fair value of vested restricted shares of common stock (in thousands) $ 2,325 $ 2,217 |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest The following table summarizes the activity for noncontrolling interest in the Company during the three months ended March 31, 2024. Noncontrolling Interest LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2023 2,361,920 1,467,718 3,829,638 2.1 % Granted/Issued 381,517 — 381,517 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (314,982) 314,982 — N/A Redemptions from Other Common Units to common stock — (314,982) (314,982) N/A Balance at March 31, 2024 2,428,455 1,467,718 3,896,173 2.1 % LTIP Units The Company granted LTIP units under the 2011 Plan on January 8, 2024 to non-employee, independent directors, which will vest on January 1, 2025, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2024 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2024, subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 8, 2024 pursuant to the 2021 performance units. The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the three months ended March 31, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8). LTIP Units Assumptions Grant date January 8, 2024 Expected term (years) 10 Expected stock price volatility 25.0 % Expected dividend yield 4.0 % Risk-free interest rate 4.11 % Fair value of LTIP units at issuance (in thousands) $ 4,597 LTIP units at issuance 124,235 Fair value unit price per LTIP unit at issuance $ 37.00 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. The following table summarizes activity related to the Company’s unvested LTIP units during the three months ended March 31, 2024. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2023 176,926 $ 34.25 Granted 381,517 $ 37.00 Vested (301,269) $ 36.49 Forfeited — $ — Balance at March 31, 2024 257,174 $ 35.71 The unrecognized compensation expense associated with the Company’s LTIP units at March 31, 2024 was approximately $7.0 million and is expected to be recognized over a weighted average period of approximately 2.7 years. The following table summarizes the fair value at vesting for the LTIP units that vested during the three months ended March 31, 2024 and 2023. Three months ended March 31, Vested LTIP units 2024 2023 Vested LTIP units 301,269 212,230 Fair value of vested LTIP units (in thousands) $ 11,620 $ 7,023 |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan On January 8, 2024, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 8, 2024 are substantially the same as the terms of the performance units granted in January 2023, except that the measuring period commenced on January 1, 2024 and ends on December 31, 2026. The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the three months ended March 31, 2024. Performance Units Grant date January 8, 2024 Expected stock price volatility 24.5 % Expected dividend yield 4.0 % Risk-free interest rate 4.113 % Fair value of performance units grant (in thousands) $ 6,502 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year performance period. On December 31, 2023, the measuring period for the 2021 performance units concluded, and it was determined that the Company’s TSR exceeded the threshold percentage and return hurdle. The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the three months ended March 31, 2024. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2021 Performance Units Measuring period conclusion date December 31, 2023 Issuance date January 8, 2024 Vested LTIP units 257,282 Vested shares of common stock 49,106 Shares of common stock repurchased and retired 4,716 The unrecognized compensation expense associated with the Company’s performance units at March 31, 2024 was approximately $10.3 million and is expected to be recognized over a weighted average period of approximately 2.2 years. Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three months ended March 31, 2024 and 2023. Three months ended March 31, Non-Cash Compensation Expense (in thousands) 2024 2023 Restricted shares of common stock $ 475 $ 509 LTIP units 899 1,328 Performance units 1,357 1,119 Director compensation (1) 177 136 Total non-cash compensation expense $ 2,908 $ 3,092 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three months ended March 31, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Rental Income (in thousands) 2024 2023 Fixed lease payments $ 142,111 $ 131,086 Variable lease payments 42,189 36,946 Straight-line rental income 2,805 5,112 Net increase to rental income related to above and below market lease amortization 297 124 Total rental income $ 187,402 $ 173,268 As of March 31, 2024 and December 31, 2023, the Company had accrued rental income of approximately $108.6 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $21.6 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2024. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2024 $ 427,444 2025 $ 535,712 2026 $ 457,187 2027 $ 370,622 2028 $ 304,030 Thereafter $ 736,396 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 2.1 years to 46.5 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. Operating Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted average remaining lease term (years) 31.7 31.6 Weighted average discount rate 6.8 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Operating Lease Cost (in thousands) 2024 2023 Operating lease cost included in property expense attributable to ground leases $ 616 $ 618 Operating lease cost included in general and administrative expense attributable to corporate office leases 430 437 Total operating lease cost $ 1,046 $ 1,055 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Three months ended March 31, Operating Leases (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 989 $ 970 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of March 31, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2024 $ 2,986 2025 4,022 2026 3,014 2027 2,023 2028 2,064 Thereafter 79,898 Total lease payments 94,007 Less: Imputed interest (60,874) Present value of operating lease liabilities $ 33,133 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented. |
Leases | Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Rental Income (in thousands) 2024 2023 Fixed lease payments $ 142,111 $ 131,086 Variable lease payments 42,189 36,946 Straight-line rental income 2,805 5,112 Net increase to rental income related to above and below market lease amortization 297 124 Total rental income $ 187,402 $ 173,268 As of March 31, 2024 and December 31, 2023, the Company had accrued rental income of approximately $108.6 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $21.6 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2024. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2024 $ 427,444 2025 $ 535,712 2026 $ 457,187 2027 $ 370,622 2028 $ 304,030 Thereafter $ 736,396 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 2.1 years to 46.5 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. Operating Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted average remaining lease term (years) 31.7 31.6 Weighted average discount rate 6.8 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Operating Lease Cost (in thousands) 2024 2023 Operating lease cost included in property expense attributable to ground leases $ 616 $ 618 Operating lease cost included in general and administrative expense attributable to corporate office leases 430 437 Total operating lease cost $ 1,046 $ 1,055 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Three months ended March 31, Operating Leases (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 989 $ 970 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of March 31, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2024 $ 2,986 2025 4,022 2026 3,014 2027 2,023 2028 2,064 Thereafter 79,898 Total lease payments 94,007 Less: Imputed interest (60,874) Present value of operating lease liabilities $ 33,133 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share During the three months ended March 31, 2024 and 2023, there were 123,595 and 139,340 of unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share. The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three months ended March 31, 2024 and 2023. Three months ended March 31, Earnings Per Share (in thousands, except per share data) 2024 2023 Numerator Net income attributable to common stockholders $ 36,580 $ 49,413 Denominator Weighted average common shares outstanding — basic 181,708 179,196 Effect of dilutive securities (1) Share-based compensation 281 101 Shares issuable under forward sales agreements 2 — Weighted average common shares outstanding — diluted 181,991 179,297 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.20 $ 0.28 Net income per share attributable to common stockholders — diluted $ 0.20 $ 0.28 (1) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events There were no recognized or non-recognized subsequent events. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ 36,627 | $ 49,466 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Quarterly Financial Information | Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents $ 12,423 $ 20,741 Restricted cash 667 1,127 Total cash and cash equivalents and restricted cash $ 13,090 $ 21,868 |
Rental Property (Tables)
Rental Property (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The following table summarizes the components of rental property, net as of March 31, 2024 and December 31, 2023. Rental Property (in thousands) March 31, 2024 December 31, 2023 Land $ 700,199 $ 698,633 Buildings, net of accumulated depreciation of $654,023 and $622,941, respectively 4,340,544 4,330,799 Tenant improvements, net of accumulated depreciation of $39,258 and $36,920, respectively 39,668 39,145 Building and land improvements, net of accumulated depreciation of $273,860 and $261,985, respectively 367,500 369,724 Construction in progress 111,405 98,854 Deferred leasing intangibles, net of accumulated amortization of $383,967 and $360,094, respectively 422,153 435,722 Total rental property, net $ 5,981,469 $ 5,972,877 |
Asset Acquisition | The following table summarizes the Company’s acquisitions during the three months ended March 31, 2024. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Cincinnati, OH March 18, 2024 697,500 1 $ 50,073 Three months ended March 31, 2024 697,500 1 $ 50,073 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. |
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition | The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Three months ended March 31, 2024 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 1,565 N/A Buildings 40,828 N/A Tenant improvements 445 N/A Building and land improvements 1,432 N/A Deferred leasing intangibles - In-place leases 6,963 6.8 Deferred leasing intangibles - Tenant relationships 3,340 10.8 Deferred leasing intangibles - Below market leases (4,500) 6.8 Total purchase price $ 50,073 |
Schedule of Finite-Lived Intangible Assets and Below Market Leases | The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 79,946 $ (37,497) $ 42,449 $ 79,946 $ (35,698) $ 44,248 Other intangible lease assets 726,174 (346,470) 379,704 715,870 (324,396) 391,474 Total deferred leasing intangible assets $ 806,120 $ (383,967) $ 422,153 $ 795,816 $ (360,094) $ 435,722 Below market leases $ 61,021 $ (28,709) $ 32,312 $ 56,521 $ (26,613) $ 29,908 Total deferred leasing intangible liabilities $ 61,021 $ (28,709) $ 32,312 $ 56,521 $ (26,613) $ 29,908 The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three months ended March 31, 2024 and 2023. Three months ended March 31, Deferred Leasing Intangibles Amortization (in thousands) 2024 2023 Net increase to rental income related to above and below market lease amortization $ 297 $ 124 Amortization expense related to other intangible lease assets $ 22,074 $ 22,445 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of the mortgage notes payable, unsecured term loans and credit facility | The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of March 31, 2024 and December 31, 2023. Indebtedness (dollars in thousands) March 31, 2024 December 31, 2023 Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 435,000 $ 402,000 Term SOFR + 0.855% October 23, 2026 i Total unsecured credit facility 435,000 402,000 Unsecured term loans: Unsecured Term Loan G 300,000 300,000 1.78 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.14 % March 15, 2027 i Unsecured Term Loan H 187,500 187,500 3.33 % January 25, 2028 i Unsecured Term Loan I 187,500 187,500 3.49 % January 25, 2028 i Unsecured Term Loan F (5) 200,000 200,000 2.94 % March 23, 2029 i Total unsecured term loans 1,025,000 1,025,000 Total unamortized deferred financing fees and debt issuance costs (4,163) (3,227) Total carrying value unsecured term loans, net 1,020,837 1,021,773 Unsecured notes: Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 400,000 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Total unsecured notes 1,200,000 1,200,000 Total unamortized deferred financing fees and debt issuance costs (4,059) (4,128) Total carrying value unsecured notes, net 1,195,941 1,195,872 Mortgage notes (secured debt): United of Omaha Life Insurance Company 4,484 4,537 3.71 % October 1, 2039 ii Total mortgage notes 4,484 4,537 Net unamortized fair market value discount (134) (136) Total carrying value mortgage notes, net 4,350 4,401 Total / weighted average interest rate (6) $ 2,656,128 $ 2,624,046 3.79 % (1) Interest rate as of March 31, 2024. At March 31, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 5.32874%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%, less a sustainability-related interest rate adjustment of 0.02%. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%, less a sustainability-related interest rate adjustment of 0.02%. As of March 31, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%. (3) Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty. (4) The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.9 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly. (5) The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. |
Interest Income and Interest Expense Disclosure [Table Text Block] | The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Costs Included in Interest Expense (in thousands) 2024 2023 Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts $ 984 $ 976 Facility, unused, and other fees $ 439 $ 435 |
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value | The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 435,000 $ 435,000 $ 402,000 $ 402,000 Unsecured term loans 1,025,000 1,025,000 1,025,000 1,025,000 Unsecured notes 1,200,000 1,069,007 1,200,000 1,074,003 Mortgage notes 4,484 3,465 4,537 3,535 Total principal amount 2,664,484 $ 2,532,472 2,631,537 $ 2,504,538 Net unamortized fair market value discount (134) (136) Total unamortized deferred financing fees and debt issuance costs (8,222) (7,355) Total carrying value $ 2,656,128 $ 2,624,046 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swaps | The following table summarizes the fair value of the interest rate swaps as of March 31, 2024 and December 31, 2023. Balance Sheet Line Item (in thousands) Notional Amount March 31, 2024 Fair Value March 31, 2024 Notional Amount December 31, 2023 Fair Value December 31, 2023 Interest rate swaps-gross asset $ 1,025,000 $ 57,532 $ 1,200,000 $ 50,418 Interest rate swaps-gross liability $ 200,000 $ (47) $ — $ — |
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps | The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three months ended March 31, 2024 and 2023. Three months ended March 31, Effect of Cash Flow Hedge Accounting (in thousands) 2024 2023 Income (loss) recognized in accumulated other comprehensive income on interest rate swaps $ 16,405 $ (8,542) Income reclassified from accumulated other comprehensive income into income as interest expense $ 9,329 $ 7,470 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 25,421 $ 22,612 |
Schedule of financial instruments accounted for at fair value on a recurring basis | The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. There were no financial instruments in a liability position at December 31, 2023. Fair Value Measurements as of March 31, 2024 Using Balance Sheet Line Item (in thousands) Fair Value March 31, 2024 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 57,532 $ — $ 57,532 $ — Interest rate swaps-gross liability $ (47) $ — $ (47) $ — Fair Value Measurements as of December 31, 2023 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2023 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 50,418 $ — $ 50,418 $ — |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock sale activity | The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of March 31, 2024. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of March 31, 2024 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 615,613 On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. Subsequent to March 31, 2024, on April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. |
Schedule of activity related to unvested restricted stock awards | The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the three months ended March 31, 2024. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2023 144,032 $ 35.73 Granted 41,911 $ 38.92 Vested (1) (59,232) $ 34.51 Forfeited (192) $ 38.03 Balance at March 31, 2024 126,519 $ 37.35 (1) The Company repurchased and retired 21,151 restricted shares of common stock that vested during the three months ended March 31, 2024. |
Schedule of vested restricted shares of common stock activity | The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2024 and 2023. Three months ended March 31, Vested Restricted Shares of Common Stock 2024 2023 Vested restricted shares of common stock 59,232 68,625 Fair value of vested restricted shares of common stock (in thousands) $ 2,325 $ 2,217 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling interest activity | The following table summarizes the activity for noncontrolling interest in the Company during the three months ended March 31, 2024. Noncontrolling Interest LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2023 2,361,920 1,467,718 3,829,638 2.1 % Granted/Issued 381,517 — 381,517 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (314,982) 314,982 — N/A Redemptions from Other Common Units to common stock — (314,982) (314,982) N/A Balance at March 31, 2024 2,428,455 1,467,718 3,896,173 2.1 % |
Schedule of share-based payment award, LTIP unit awards, valuation assumptions | The following table summarizes the assumptions used in valuing such LTIP units granted during the three months ended March 31, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8). LTIP Units Assumptions Grant date January 8, 2024 Expected term (years) 10 Expected stock price volatility 25.0 % Expected dividend yield 4.0 % Risk-free interest rate 4.11 % Fair value of LTIP units at issuance (in thousands) $ 4,597 LTIP units at issuance 124,235 Fair value unit price per LTIP unit at issuance $ 37.00 |
Schedule of activity related to unvested LTIP unit awards | The following table summarizes activity related to the Company’s unvested LTIP units during the three months ended March 31, 2024. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2023 176,926 $ 34.25 Granted 381,517 $ 37.00 Vested (301,269) $ 36.49 Forfeited — $ — Balance at March 31, 2024 257,174 $ 35.71 |
Schedule of vested LTIP unit award activity | The following table summarizes the fair value at vesting for the LTIP units that vested during the three months ended March 31, 2024 and 2023. Three months ended March 31, Vested LTIP units 2024 2023 Vested LTIP units 301,269 212,230 Fair value of vested LTIP units (in thousands) $ 11,620 $ 7,023 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of share-based payment award, performance unit awards, valuation assumptions | The following table summarizes the assumptions used in valuing the performance units granted during the three months ended March 31, 2024. Performance Units Grant date January 8, 2024 Expected stock price volatility 24.5 % Expected dividend yield 4.0 % Risk-free interest rate 4.113 % Fair value of performance units grant (in thousands) $ 6,502 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the three months ended March 31, 2024. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2021 Performance Units Measuring period conclusion date December 31, 2023 Issuance date January 8, 2024 Vested LTIP units 257,282 Vested shares of common stock 49,106 Shares of common stock repurchased and retired 4,716 |
Summary of Equity Compensation Expense | The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three months ended March 31, 2024 and 2023. Three months ended March 31, Non-Cash Compensation Expense (in thousands) 2024 2023 Restricted shares of common stock $ 475 $ 509 LTIP units 899 1,328 Performance units 1,357 1,119 Director compensation (1) 177 136 Total non-cash compensation expense $ 2,908 $ 3,092 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three months ended March 31, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Rental Income (in thousands) 2024 2023 Fixed lease payments $ 142,111 $ 131,086 Variable lease payments 42,189 36,946 Straight-line rental income 2,805 5,112 Net increase to rental income related to above and below market lease amortization 297 124 Total rental income $ 187,402 $ 173,268 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2024. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2024 $ 427,444 2025 $ 535,712 2026 $ 457,187 2027 $ 370,622 2028 $ 304,030 Thereafter $ 736,396 |
Lease, Cost [Table Text Block] | The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. Operating Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted average remaining lease term (years) 31.7 31.6 Weighted average discount rate 6.8 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. Three months ended March 31, Operating Lease Cost (in thousands) 2024 2023 Operating lease cost included in property expense attributable to ground leases $ 616 $ 618 Operating lease cost included in general and administrative expense attributable to corporate office leases 430 437 Total operating lease cost $ 1,046 $ 1,055 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Three months ended March 31, Operating Leases (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 989 $ 970 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of March 31, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2024 $ 2,986 2025 4,022 2026 3,014 2027 2,023 2028 2,064 Thereafter 79,898 Total lease payments 94,007 Less: Imputed interest (60,874) Present value of operating lease liabilities $ 33,133 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per common share | The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three months ended March 31, 2024 and 2023. Three months ended March 31, Earnings Per Share (in thousands, except per share data) 2024 2023 Numerator Net income attributable to common stockholders $ 36,580 $ 49,413 Denominator Weighted average common shares outstanding — basic 181,708 179,196 Effect of dilutive securities (1) Share-based compensation 281 101 Shares issuable under forward sales agreements 2 — Weighted average common shares outstanding — diluted 181,991 179,297 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.20 $ 0.28 Net income per share attributable to common stockholders — diluted $ 0.20 $ 0.28 (1) |
Organization and Description _2
Organization and Description of Business (Details) ft² in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 ft² building state | Dec. 31, 2023 | |
Real Estate Properties [Line Items] | ||
Number of properties | building | 570 | |
Number of states in which the entity owned buildings | state | 41 | |
Area (in square feet) | ft² | 113 | |
STAG Industrial, Inc. [Member] | ||
Real Estate Properties [Line Items] | ||
Ownership interest in Operating Partnership (as a percent) | 97.90% | 97.90% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 12,423 | $ 20,741 | ||
Restricted cash | 667 | 1,127 | ||
Cash and cash equivalents and restricted cash—end of period | $ 13,090 | $ 21,868 | $ 18,173 | $ 26,789 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Uncertain Tax Position (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Liabilities for uncertain tax positions | $ 0 | $ 0 |
Rental Property - Summary (Deta
Rental Property - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Land | $ 700,199 | $ 698,633 |
Buildings, net of accumulated depreciation of $654,023 and $622,941, respectively | 4,340,544 | 4,330,799 |
Tenant improvements, net of accumulated depreciation of $39,258 and $36,920, respectively | 39,668 | 39,145 |
Building and land improvements, net of accumulated depreciation of $273,860 and $261,985, respectively | 367,500 | 369,724 |
Construction in progress | 111,405 | 98,854 |
Deferred leasing intangibles, net of accumulated amortization of $383,967 and $360,094, respectively | 422,153 | 435,722 |
Building and Improvements, accumulated depreciation | 967,141 | 921,846 |
Deferred leasing intangible assets, accumulated amortization | 383,967 | 360,094 |
Total rental property, net | 5,981,469 | 5,972,877 |
Buildings, net of accumulated depreciation of $654,023 and $622,941, respectively | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Building and Improvements, accumulated depreciation | 654,023 | 622,941 |
Tenant improvements, net of accumulated depreciation of $39,258 and $36,920, respectively | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Building and Improvements, accumulated depreciation | 39,258 | 36,920 |
Building and land improvements, net of accumulated depreciation of $273,860 and $261,985, respectively | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Building and Improvements, accumulated depreciation | $ 273,860 | $ 261,985 |
Rental Property - Acquisitions
Rental Property - Acquisitions (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) ft² building | |
Asset Acquisition [Line Items] | |
Area (in square feet) | ft² | 113,000,000 |
Number of properties | building | 570 |
Acquisitions 2024 | |
Asset Acquisition [Line Items] | |
Area (in square feet) | ft² | 697,500 |
Number of properties | building | 1 |
Asset Acquisition, Consideration Transferred | $ | $ 50,073 |
West Chester, Ohio, 3-18-2024 | |
Asset Acquisition [Line Items] | |
Area (in square feet) | ft² | 697,500 |
Number of properties | building | 1 |
Asset Acquisition, Consideration Transferred | $ | $ 50,073 |
Rental Property - Acquisition_2
Rental Property - Acquisitions - Allocation of Consideration (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Asset Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $ 1,565 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 40,828 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Leasehold Improvements | 445 |
Business Acquisition, Purchase Price Allocation Building and Land Improvements | 1,432 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Before Debt Incurred | 50,073 |
In-place leases | |
Asset Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,963 |
Weighted average amortization period of lease intangibles | 6 years 9 months 18 days |
Tenant relationships | |
Asset Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,340 |
Weighted average amortization period of lease intangibles | 10 years 9 months 18 days |
Below market leases | |
Asset Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ (4,500) |
Weighted average amortization period of lease intangibles | 6 years 9 months 18 days |
Rental Property - Gain on Invol
Rental Property - Gain on Involuntary Conversion (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate [Abstract] | ||
Estimated Insurance Recoveries | $ 0 | $ 3,000,000 |
Rental Property - Deferred Leas
Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing intangibles, gross | $ 806,120 | $ 795,816 | |
Deferred leasing intangibles assets, accumulated amortization | (383,967) | (360,094) | |
Deferred leasing intangibles, net | 422,153 | 435,722 | |
Below market lease, gross | 61,021 | 56,521 | |
Below market lease, accumulated amortization | (28,709) | (26,613) | |
Below market lease, net | 32,312 | 29,908 | |
Net increase to rental income related to above and below market lease amortization | 297 | $ 124 | |
Above market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing intangibles, gross | 79,946 | 79,946 | |
Deferred leasing intangibles assets, accumulated amortization | (37,497) | (35,698) | |
Deferred leasing intangibles, net | 42,449 | 44,248 | |
Other intangible lease assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing intangibles, gross | 726,174 | 715,870 | |
Deferred leasing intangibles assets, accumulated amortization | (346,470) | (324,396) | |
Deferred leasing intangibles, net | 379,704 | $ 391,474 | |
Amortization expense related to other intangible lease assets | $ 22,074 | $ 22,445 |
Debt - Summary (Details)
Debt - Summary (Details) $ in Thousands | 3 Months Ended | 17 Months Ended | 20 Months Ended | ||||||
Mar. 25, 2024 | Mar. 31, 2023 | Mar. 31, 2024 USD ($) extension extention | Mar. 31, 2024 USD ($) extension extention Rate | Mar. 31, 2024 USD ($) extension extention | Jun. 29, 2024 | Jun. 29, 2024 | Jan. 15, 2025 Rate | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 2,656,128 | $ 2,656,128 | $ 2,656,128 | $ 2,624,046 | |||||
Long-term debt, gross | 2,664,484 | 2,664,484 | 2,664,484 | 2,631,537 | |||||
Debt Instrument, Unamortized Discount (Premium), Net | (134) | (134) | (134) | (136) | |||||
Unamortized debt issuance costs | $ (8,222) | $ (8,222) | $ (8,222) | (7,355) | |||||
Weighted average interest rate | 3.79% | 3.79% | 3.79% | ||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||||||||
Interest Rate Swaps | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative notional amount swapped | $ 1,025,000 | $ 1,025,000 | $ 1,025,000 | ||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 5.32874% | 5.32874% | 5.32874% | ||||||
Unsecured Credit Facility | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.02%) | ||||||||
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||
Term Loan | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.02%) | ||||||||
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.85% | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||
$200 Million Unsecured Term Loan F [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of the Extensions | extension | 2 | 2 | 2 | ||||||
Extensions Period | 1 year | ||||||||
$200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed Interest Rate (as a percent) | Rate | 3.98% | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.02%) | ||||||||
$200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||
Unsecured Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 435,000 | $ 435,000 | $ 435,000 | 402,000 | |||||
Debt Instrument, Maturity Date | Oct. 23, 2026 | ||||||||
Maximum borrowing capacity | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||
Number Of Extensions | extention | 2 | 2 | 2 | ||||||
Debt Instrument Term Extension Period | 6 months | ||||||||
Unsecured Credit Facility | Prepaid Expenses and Other Assets | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs | $ (2,900) | $ (2,900) | $ (2,900) | (3,300) | |||||
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.855% | 0.775% | |||||||
Unsecured Term Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | 1,020,837 | $ 1,020,837 | $ 1,020,837 | 1,021,773 | |||||
Long-term debt, gross | 1,025,000 | 1,025,000 | 1,025,000 | 1,025,000 | |||||
Unamortized debt issuance costs | (4,163) | (4,163) | (4,163) | (3,227) | |||||
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 200,000 | $ 200,000 | $ 200,000 | 200,000 | |||||
Interest rate, effective percentage | 2.94% | 2.94% | 2.94% | ||||||
Debt Instrument, Maturity Date | Mar. 23, 2029 | ||||||||
Fixed Interest Rate (as a percent) | 2.11% | 2.11% | 2.11% | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed Interest Rate (as a percent) | 3.98% | ||||||||
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.85% | ||||||||
Unsecured Term Loans | $300 Million Unsecured Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 300,000 | $ 300,000 | $ 300,000 | 300,000 | |||||
Interest rate, effective percentage | 1.78% | 1.78% | 1.78% | ||||||
Debt Instrument, Maturity Date | Feb. 05, 2026 | ||||||||
Fixed Interest Rate (as a percent) | 0.95% | 0.95% | 0.95% | ||||||
Unsecured Term Loans | $150 Million Wells Fargo Unsecured Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 150,000 | $ 150,000 | $ 150,000 | 150,000 | |||||
Interest rate, effective percentage | 2.14% | 2.14% | 2.14% | ||||||
Debt Instrument, Maturity Date | Mar. 15, 2027 | ||||||||
Fixed Interest Rate (as a percent) | 1.31% | 1.31% | 1.31% | ||||||
Unsecured Term Loans | $187.5 Million Unsecured Term Loan H | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 187,500 | $ 187,500 | $ 187,500 | 187,500 | |||||
Interest rate, effective percentage | 3.33% | 3.33% | 3.33% | ||||||
Debt Instrument, Maturity Date | Jan. 25, 2028 | ||||||||
Fixed Interest Rate (as a percent) | 2.50% | 2.50% | 2.50% | ||||||
Unsecured Term Loans | $187.5 Million Unsecured Term Loan I | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 187,500 | $ 187,500 | $ 187,500 | 187,500 | |||||
Interest rate, effective percentage | 3.49% | 3.49% | 3.49% | ||||||
Debt Instrument, Maturity Date | Jan. 25, 2028 | ||||||||
Fixed Interest Rate (as a percent) | 2.66% | 2.66% | 2.66% | ||||||
Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,195,941 | $ 1,195,941 | $ 1,195,941 | 1,195,872 | |||||
Long-term debt, gross | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 | |||||
Unamortized debt issuance costs | (4,059) | (4,059) | (4,059) | (4,128) | |||||
Unsecured Notes | $50 Million Series A Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 50,000 | $ 50,000 | $ 50,000 | 50,000 | |||||
Stated interest rate | 4.98% | 4.98% | 4.98% | ||||||
Debt Instrument, Maturity Date | Oct. 01, 2024 | ||||||||
Unsecured Notes | $100 Million Series D Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 100,000 | $ 100,000 | $ 100,000 | 100,000 | |||||
Stated interest rate | 4.32% | 4.32% | 4.32% | ||||||
Debt Instrument, Maturity Date | Feb. 20, 2025 | ||||||||
Unsecured Notes | $75 Million Series G Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 75,000 | $ 75,000 | $ 75,000 | 75,000 | |||||
Stated interest rate | 4.10% | 4.10% | 4.10% | ||||||
Debt Instrument, Maturity Date | Jun. 13, 2025 | ||||||||
Unsecured Notes | $50 Million Series B Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 50,000 | $ 50,000 | $ 50,000 | 50,000 | |||||
Stated interest rate | 4.98% | 4.98% | 4.98% | ||||||
Debt Instrument, Maturity Date | Jul. 01, 2026 | ||||||||
Unsecured Notes | $80 Million Series C Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 80,000 | $ 80,000 | $ 80,000 | 80,000 | |||||
Stated interest rate | 4.42% | 4.42% | 4.42% | ||||||
Debt Instrument, Maturity Date | Dec. 30, 2026 | ||||||||
Unsecured Notes | $20 Million Series E Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 20,000 | $ 20,000 | $ 20,000 | 20,000 | |||||
Stated interest rate | 4.42% | 4.42% | 4.42% | ||||||
Debt Instrument, Maturity Date | Feb. 20, 2027 | ||||||||
Unsecured Notes | $100 Million Series H Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 100,000 | $ 100,000 | $ 100,000 | 100,000 | |||||
Stated interest rate | 4.27% | 4.27% | 4.27% | ||||||
Debt Instrument, Maturity Date | Jun. 13, 2028 | ||||||||
Unsecured Notes | $275 Million Series I Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 275,000 | $ 275,000 | $ 275,000 | 275,000 | |||||
Stated interest rate | 2.80% | 2.80% | 2.80% | ||||||
Debt Instrument, Maturity Date | Sep. 29, 2031 | ||||||||
Unsecured Notes | $400 Million Series K Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 400,000 | $ 400,000 | $ 400,000 | 400,000 | |||||
Stated interest rate | 4.12% | 4.12% | 4.12% | ||||||
Debt Instrument, Maturity Date | Jun. 28, 2032 | ||||||||
Unsecured Notes | $50 Million Series J Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 50,000 | $ 50,000 | $ 50,000 | 50,000 | |||||
Stated interest rate | 2.95% | 2.95% | 2.95% | ||||||
Debt Instrument, Maturity Date | Sep. 28, 2033 | ||||||||
Mortgage Loans Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 4,350 | $ 4,350 | $ 4,350 | 4,401 | |||||
Long-term debt, gross | 4,484 | 4,484 | 4,484 | 4,537 | |||||
Debt Instrument, Unamortized Discount (Premium), Net | (134) | (134) | (134) | (136) | |||||
Mortgage Loans Payable | United of Omaha Life Insurance Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 4,484 | $ 4,484 | $ 4,484 | $ 4,537 | |||||
Stated interest rate | 3.71% | 3.71% | 3.71% | ||||||
Debt Instrument, Maturity Date | Oct. 01, 2039 |
Debt - Current Year Activity (D
Debt - Current Year Activity (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 17 Months Ended | |||
Mar. 25, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jun. 29, 2024 | Mar. 13, 2024 USD ($) Rate | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 561,700 | |||||
Debt Instrument, Covenant Compliance | The Company was in compliance with all such applicable restrictions and financial and other covenants | The Company was in compliance with all such applicable restrictions and financial and other covenants | ||||
Net book value of properties that are collateral for debt arrangements | $ 7,400 | $ 7,500 | ||||
Long-term debt, gross | $ 2,664,484 | 2,631,537 | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.32874% | |||||
Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 1,200,000 | 1,200,000 | ||||
Unsecured Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 1,025,000 | 1,025,000 | ||||
Interest Expense [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of deferred financing fees | 984 | $ 976 | ||||
Line of Credit Facility, Commitment Fee Amount | 439 | $ 435 | ||||
Accounts Payable and Accrued Liabilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest payable | 16,900 | 14,600 | ||||
$200 Million Unsecured Term Loan F [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred Financing Accrued Extension Fee | 0.00125 | |||||
Accrued Extension Fee | $ 500 | |||||
Debt Issuance Costs, Gross | $ 1,200 | |||||
Write off of Deferred Debt Issuance Cost | $ 700 | |||||
$200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.02%) | |||||
$200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | |||||
$200 Million Unsecured Term Loan F [Member] | Unsecured Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | |||||
Long-term debt, gross | $ 200,000 | $ 200,000 | ||||
$200 Million Unsecured Term Loan F [Member] | Unsecured Term Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.85% | |||||
$175 Million Unsecured Notes | Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | Rate | 6.05% | |||||
Long-term debt, gross | $ 175,000 | |||||
$125 Million Unsecured Notes | Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | Rate | 6.17% | |||||
Long-term debt, gross | $ 125,000 | |||||
$150 Million Unsecured Notes | Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | Rate | 6.30% | |||||
Long-term debt, gross | $ 150,000 | |||||
Unsecured Notes | Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant, Fixed Charge Ratio, Minimum | Rate | 150% |
Debt - Fair Value (Details)
Debt - Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Principal outstanding | $ 2,656,128 | $ 2,624,046 |
Long-term debt, gross | 2,664,484 | 2,631,537 |
Unamortized debt issuance costs | (8,222) | (7,355) |
Long-term debt, fair value | 2,532,472 | 2,504,538 |
Debt Instrument, Unamortized Discount (Premium), Net | (134) | (136) |
Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 435,000 | 402,000 |
Long-term debt, fair value | 435,000 | 402,000 |
Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 1,195,941 | 1,195,872 |
Long-term debt, gross | 1,200,000 | 1,200,000 |
Unamortized debt issuance costs | (4,059) | (4,128) |
Long-term debt, fair value | 1,069,007 | 1,074,003 |
Mortgage Loans Payable | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 4,350 | 4,401 |
Long-term debt, gross | 4,484 | 4,537 |
Long-term debt, fair value | 3,465 | 3,535 |
Debt Instrument, Unamortized Discount (Premium), Net | (134) | (136) |
Unsecured Term Loans | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 1,020,837 | 1,021,773 |
Long-term debt, gross | 1,025,000 | 1,025,000 |
Unamortized debt issuance costs | (4,163) | (3,227) |
Long-term debt, fair value | $ 1,025,000 | $ 1,025,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Risk Management and Fair Value (Details) $ in Thousands | Jan. 15, 2025 Rate | Mar. 31, 2024 USD ($) interestRateSwaps | Mar. 26, 2024 USD ($) swap | Dec. 31, 2023 USD ($) |
Fair value of the interest rate swaps outstanding | ||||
Derivative, Number of Instruments Held | interestRateSwaps | 21 | |||
Long-term debt, gross | $ 2,664,484 | $ 2,631,537 | ||
Unsecured Notes | ||||
Fair value of the interest rate swaps outstanding | ||||
Long-term debt, gross | 1,200,000 | 1,200,000 | ||
$200 Million Unsecured Term Loan F [Member] | ||||
Fair value of the interest rate swaps outstanding | ||||
Derivative, Notional Amount | $ 200,000 | |||
$200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member] | ||||
Fair value of the interest rate swaps outstanding | ||||
Fixed Interest Rate (as a percent) | Rate | 3.98% | |||
Interest Rate Swaps | ||||
Fair value of the interest rate swaps outstanding | ||||
Fair value - assets | 57,532 | 50,418 | ||
Fair Value - liabilities | (47) | 0 | ||
Derivative, Number of Instruments Held | swap | 4 | |||
Notional amount assets | 1,025,000 | 1,200,000 | ||
Notional amount liabilities | $ 200,000 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flow Hedges of Interest Rate Risk | ||
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ 25,421 | $ 22,612 |
Interest Rate Swaps | ||
Cash Flow Hedges of Interest Rate Risk | ||
Additional amount reclassified from accumulated other comprehensive income (loss) as a increase (decrease) to interest expense over the next twelve months | (31,500) | |
Income (loss) recognized in accumulated other comprehensive income on interest rate swaps | 16,405 | (8,542) |
Income reclassified from accumulated other comprehensive income into income as interest expense | 9,329 | 7,470 |
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ 25,421 | $ 22,612 |
Derivative Financial Instrume_5
Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets (liabilities): | ||
Interest rate swaps-gross asset | $ 57,532 | $ 50,418 |
Interest rate swaps-gross liability | (47) | |
Level 1 | ||
Assets (liabilities): | ||
Interest rate swaps-gross asset | 0 | 0 |
Interest rate swaps-gross liability | 0 | |
Level 2 | ||
Assets (liabilities): | ||
Interest rate swaps-gross asset | 57,532 | 50,418 |
Interest rate swaps-gross liability | (47) | |
Level 3 | ||
Assets (liabilities): | ||
Interest rate swaps-gross asset | 0 | $ 0 |
Interest rate swaps-gross liability | $ 0 |
Equity - Stock Summary (Details
Equity - Stock Summary (Details) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Stockholders' Equity Note [Abstract] | ||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Equity - Common Stock ATM (Deta
Equity - Common Stock ATM (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2024 | Jan. 09, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 182,074,776 | 181,690,867 | ||
At The Market Program 2022 $750 Million | ||||
Class of Stock [Line Items] | ||||
Common Stock Value Authorized under Stock Offering Program | $ 750,000 | |||
At The Market Program 2022 $750 Million | Common Stock | ||||
Class of Stock [Line Items] | ||||
Aggregate value of common stock available to be sold under the ATM | $ 615,613 | |||
At The Market Program | Common Stock | ||||
Class of Stock [Line Items] | ||||
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 567,112 | |||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 38.8818 | |||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 22,100 | |||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net | $ 38.5058 | |||
At The Market Program | Common Stock | Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 227,146 | |||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 39.1020 | |||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 8,900 | |||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net | $ 38.6621 |
Equity - Restricted Stock (Deta
Equity - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jan. 08, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Shares | ||||
Unvested at beginning of period (in shares) | 144,032 | |||
Granted (in shares) | 41,911 | |||
Vested (in shares) | (59,232) | (68,625) | ||
Forfeited (in shares) | (192) | |||
Unvested at end of period (in shares) | 126,519 | |||
Fair value of restricted stock per share at grant date | $ 38.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 34.51 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 38.03 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 37.35 | $ 35.73 | ||
Stock Repurchased and Retired During Period, Shares | 21,151,000,000 | |||
Unrecognized compensation costs | $ 4,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 7 months 6 days | |||
Vested (in shares) | (59,232) | (68,625) | ||
Fair value of shares vested | $ 2,325 | $ 2,217 |
Noncontrolling Interest - Summa
Noncontrolling Interest - Summary (Details) - shares | 3 Months Ended | ||
Jan. 08, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Limited Partner | |||
Noncontrolling interest | |||
Noncontrolling interest ownership percentage | 2.10% | 2.10% | |
LTIP Units | Share-Based Payment Arrangement, Tranche Two | |||
Noncontrolling interest | |||
Vesting period (in years) | 4 years | ||
LTIP Units | Independent Director | Share-based Compensation Award, Tranche One [Member] | |||
Noncontrolling interest | |||
Vesting period (in years) | 1 year | ||
Noncontrolling Interest - Unit holders in Operating Partnership | |||
Noncontrolling interest | |||
Units outstanding, balance at beginning of period (in units) | 3,829,638 | ||
Granted/Issued | 381,517 | ||
Forfeited | 0 | ||
Conversions from LTIP units to Other Common Units | 0 | ||
Redemptions from Other Common Units to common stock | 314,982 | ||
Units outstanding, balance at end of period (in units) | 3,896,173 | ||
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership | |||
Noncontrolling interest | |||
Units outstanding, balance at beginning of period (in units) | 2,361,920 | ||
Granted/Issued | 381,517 | ||
Forfeited | 0 | ||
Conversions from LTIP units to Other Common Units | 314,982 | ||
Redemptions from Other Common Units to common stock | 0 | ||
Units outstanding, balance at end of period (in units) | 2,428,455 | ||
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership | |||
Noncontrolling interest | |||
Units outstanding, balance at beginning of period (in units) | 1,467,718 | ||
Granted/Issued | 0 | ||
Forfeited | 0 | ||
Conversions from LTIP units to Other Common Units | 314,982 | ||
Redemptions from Other Common Units to common stock | 314,982 | ||
Units outstanding, balance at end of period (in units) | 1,467,718 |
Noncontrolling Interest - LTIP
Noncontrolling Interest - LTIP FV Assumptions (Details) - LTIP Units - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jan. 08, 2024 | Mar. 31, 2024 | |
Assumptions | ||
Expected term (years) | 10 years | |
Expected stock price volatility | 25% | |
Expected dividend yield | 4% | |
Risk-free interest rate | 4.11% | |
Fair value of LTIP units at issuance (in thousands) | $ 4,597 | |
Granted (in shares) | 124,235 | 381,517 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37 | $ 37 |
Noncontrolling Interest - LTI_2
Noncontrolling Interest - LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jan. 08, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
LTIP Units | ||||
Units | ||||
Unvested at beginning of period (in shares) | 176,926 | |||
Granted | 124,235 | 381,517 | ||
Vested (in units) | (301,269) | (212,230) | ||
Forfeited (in units) | 0 | |||
Unvested at end of period (in shares) | 257,174 | |||
Granted | 124,235 | 381,517 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 35.71 | $ 34.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37 | 37 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 36.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |||
Unrecognized compensation costs | $ 7,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 8 months 12 days | |||
Vested (in units) | 301,269 | 212,230 | ||
Fair value of units vested | $ 11,620 | $ 7,023 | ||
Restricted stock | ||||
Units | ||||
Unvested at beginning of period (in shares) | 144,032 | |||
Granted | 41,911 | |||
Vested (in units) | (59,232) | (68,625) | ||
Forfeited (in units) | (192) | |||
Unvested at end of period (in shares) | 126,519 | |||
Granted | 41,911 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 37.35 | $ 35.73 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 38.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 34.51 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 38.03 | |||
Unrecognized compensation costs | $ 4,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 7 months 6 days | |||
Vested (in units) | 59,232 | 68,625 | ||
Fair value of units vested | $ 2,325 | $ 2,217 |
Equity Incentive Plan - Perform
Equity Incentive Plan - Performance Plan Assumptions (Details) $ in Thousands | Jan. 08, 2024 USD ($) shares |
LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected stock price volatility | 25% |
Expected dividend yield | 4% |
Risk-free interest rate | 4.11% |
LTIP Units | Performance Units Granted in 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Issuance of vested LTIP units and shares | 257,282 |
Stock Repurchased and Retired During Period, Shares | 4,716 |
Common Stock | Performance Units Granted in 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Issuance of vested LTIP units and shares | 49,106 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected stock price volatility | 24.50% |
Expected dividend yield | 4% |
Risk-free interest rate | 4.113% |
Fair value of performance units grant (in thousands) | $ | $ 6,502 |
Equity Incentive Plan - CY Acti
Equity Incentive Plan - CY Activity (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Repurchased and Retired During Period, Shares | shares | 21,151,000,000 |
Unrecognized compensation costs, period for recognition | 2 years 7 months 6 days |
Unrecognized compensation costs | $ 4 |
LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation costs, period for recognition | 2 years 8 months 12 days |
Unrecognized compensation costs | $ 7 |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation costs, period for recognition | 2 years 2 months 12 days |
Unrecognized compensation costs | $ 10.3 |
Equity Incentive Plan - Equity
Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
General and Administrative Expenses | ||
Equity Incentive Plan | ||
Share-based compensation | $ 2,908 | $ 3,092 |
Restricted stock | General and Administrative Expenses | ||
Equity Incentive Plan | ||
Share-based compensation | 475 | 509 |
LTIP Units | General and Administrative Expenses | ||
Equity Incentive Plan | ||
Share-based compensation | 899 | 1,328 |
Performance shares | General and Administrative Expenses | ||
Equity Incentive Plan | ||
Share-based compensation | 1,357 | 1,119 |
Independent Director | General and Administrative Expenses | ||
Equity Incentive Plan | ||
Share-based compensation | $ 177 | $ 136 |
Common Stock | Independent Director | ||
Equity Incentive Plan | ||
Number of days of average trailing stock price used to calculate number of shares of common stock granted | 10 days | 10 days |
Leases - Rental Income (Details
Leases - Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Fixed lease payments | $ 142,111 | $ 131,086 |
Variable lease payments | 42,189 | 36,946 |
Straight-line rental income | 2,805 | 5,112 |
Net increase to rental income related to above and below market lease amortization | 297 | 124 |
Rental income | $ 187,402 | $ 173,268 |
Leases - Tenant Accounts Receiv
Leases - Tenant Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lease security deposits included in tenant prepaid rent and security deposits on the Balance Sheet | $ 21.6 | $ 21.8 |
Accrued Income Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Deferred Rent Receivables, Net | $ 108.6 | $ 105.9 |
Leases - Maturity of Fixed Leas
Leases - Maturity of Fixed Lease Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 427,444 |
2025 | 535,712 |
2025 | 457,187 |
2026 | 370,622 |
2027 | 304,030 |
Thereafter | $ 736,396 |
Leases - Lessee Leases (Details
Leases - Lessee Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 31 years 8 months 12 days | 31 years 7 months 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.80% | 6.80% | |
Lease, Cost | $ 1,046 | $ 1,055 | |
Operating Lease, Payments | $ 989 | 970 | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 2 years 1 month 6 days | ||
Lessee, Operating Lease, Renewal Term | 10 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 46 years 6 months | ||
Lessee, Operating Lease, Renewal Term | 20 years | ||
Operating Expense [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 616 | 618 | |
General and Administrative Expenses | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 430 | $ 437 |
Leases - Maturity of Operating
Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 2,986 | |
2025 | 4,022 | |
2025 | 3,014 | |
2026 | 2,023 | |
2027 | 2,064 | |
Thereafter | 79,898 | |
Lessee, Operating Lease, Liability, Payments, Due | 94,007 | |
Less: Imputed interest | (60,874) | |
Operating lease liabilities | $ 33,133 | $ 33,577 |
Earnings Per Share - Participat
Earnings Per Share - Participating Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Participating securities | 123,595 | 139,340 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator | ||
Net income attributable to common stockholders | $ 36,580 | $ 49,413 |
Denominator | ||
Weighted average common shares outstanding — basic | 181,708 | 179,196 |
Shares issuable under forward sales agreements | 2 | 0 |
Weighted average common shares outstanding — diluted | 181,991 | 179,297 |
Net income per share attributable to common stockholders — basic | $ 0.20 | $ 0.28 |
Net income per share attributable to common stockholders — diluted | $ 0.20 | $ 0.28 |
Stock Compensation Plan | ||
Denominator | ||
Share-based compensation | 281 | 101 |
Restricted stock | ||
Denominator | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 124 | 139 |
Commitments and Contingencies -
Commitments and Contingencies - Agreements (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding | $ 3.3 |